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Hang Seng down on global worries

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decline_6 May 19, 2010 (Chinavestor) Chinese shares fell in Asia on Wednesday as fears that Europe's ills will slow growth for China's largest export partner spread. Investors are also worried about the outcome of further tightening on the property market. Indications show that the number of home transactions have started to slow down in some cities.

The Hang Seng Index (INDEXHANGSENG:.HSI) fell -366.0 points for the day to 19,578.98 while the Shanghai Composite Index (SHA:000001) shed -7.0 points or -0.3% by the close. The sell-off was universal in Hong Kong. stocks that fell outnumbered those that advanced ten to one.

NetEase.com Inc. (NASDAQ:NTES), the most profitable Chinese online game developer and operator, is going to report earnings after the close today.

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Chinese ADRs have been trading in a narrow range; the number of oversold and overbought Chinese stocks is on the decline. The number of Chinese ADrs trading above 50-DMA fell sharply from last week, suggesting investors abandoned Chinese stocks for the short term.

Besides technicals, earnings move Chinese ADRs for the short term. NetEase.com Inc. (NASDAQ:NTES) is going to report later today along with China TechFaith Wireless (NASDAQ:CNTF). For additional earnings coverage, read China stock earnings calendar, May 17-21.

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The NASDAQ Composite Index is the most oversold U.S. market, but investors sold off oil and U.S . companies doping business in China the most, as the technical position of the PowerShares Halter USX China Index (NYSE:PGJ) testifies.

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